Metaverse, which is an alternative digital reality, combines elements of social media, online games, and video communication tools to create immersive and engaging experiences for users. Media and entertainment experiences in the metaverse are expected to be a part of the interoperable spaces wherein users will be able to choose from multiple entertainment venues, events, and services according to their choices and preferences. Metaverse in the entertainment industry is expected to make it more interactive, immersive, hyperphotorealistic, and running in real-time across various screens. Metaverse can augment immersive storytelling, world-buildings, and can potentially unlock fan creativity.
COVID-19 accelerated the shift to metaverse as the consumer attention on gaming and hosting virtual events in worlds such as Roblox and Animal Crossing: New Horizon increased substantially. This helped the gaming and entertainment industry to familiarize a sizeable audience. Rapid rise of the non-gaming virtual events also accelerated the move of conventional offline entertainment experiences to online channels. Other than music-related content, live experiences also included cooking, fitness, education, and even travel. Increasing number of entertainment providers are understanding that metaverse and related virtual experiences are playing a crucial role in a rapid shift of consumer expectations and behaviours and are working towards preparing mainstream audience for more immersive experiences that would be created in the future metaverses.
The additive value of metaverse for entertainment can complement the franchise-building process and enhance audience engagement, which are the two most important tasks for the modern entertainment brands. Metaverse can supercharge the storytelling capability by leveraging deep immersion and interactivity and gamifying the narratives to enhance experience and enable users to be active participants in the narrative.
In May 2022, ZEE Entertainment announced its intention to enter the metaverse with non-fungible tokens (NFTs). ZEE recently launched a technology and innovation center in Bengaluru where the company hired numerous talents to work on company’s intellectual properties such as ZEE5 and metaverse project. The media company’s metaverse is expected to be developed at the same center. The main of the media and entertainment company to develop metaverse is to boost customer retention on its platform and it will be bringing digital collectables that will help the company drive key consumer factors such as fan engagement and premium subscriptions.
In May 2022, Cannes announced its plans to bring the metaverse to the film industry with the first-ever NFTCannes Summit that will take place at this year’s Cannes Film Festival. This annual event has been specifically designed to connect leading minds from the media and entertainment sector to innovators, creators, and investors in web3. The summit will be run by a coalition of groups including Galaxy Interactive, which is the global cryptocurrency financial management company, NFT app OP3N, production studio Electromagnetic Productions, blockchain platform Avalanche, and private investing platform, Republic.
Major companies in the market include Hungama Digital Media, Qualcomm, OverActive Media, Zilliqa, GameOn, Tetavi, Scuti, AdQuire Media, Atom Universe, Aomen City, Gamefam, and Roblox. In May 2022, Metaverse infrastructure company, Infinite Assets, Inc. announced a partnersip with sports and entertainment intellectual property company, Vaunt, Inc. to create a metaverse community of creators which would include world class athletes, celebrities, brands, and artists.
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